China urged local companies to stay away from Nvidia's chips, according to a report, while it's promoting domestic chip makers.

Some investors are concerned Nvidia stock can't possibly go any higher. The evidence suggests those fears are unfounded.

While the stock has gained nearly 750% since the beginning of last year, it has charted a somewhat rocky course over the past few months. But Nvidia looks on track to keep growing sales of its high-end graphics processing units (GPUs) and remain the industry's dominant supplier.